NEW YORK (awp international) – The Dow Jones Industrial picked up on its recent losses on Wednesday. Investors were concerned that consumer price hikes in the US picked up again in September. The annual inflation rate surprisingly rose from 5.3 percent in the previous month to 5.4 percent. Economists had expected an unchanged rate on average.
The Dow fell 0.48 percent in early trading to 34,213.08 points. The S&P 500 was down 0.21 percent to 4,341.65 points. For the technology-heavy Nasdaq 100, however, it rose 0.39 percent to 14,719.04 points.
The focus was also on the start of the corporate reporting season, which the major bank JPMorgan Chase kicked off this Wednesday with the publication of its figures. The economic recovery from the Corona crisis brought the bank a surprisingly high surplus in the summer, with the merger advisory business also generating the highest quarterly profit to date. However, according to stockbrokers, the subdued credit growth overshadowed the figures. JPMorgan’s shares, which had already performed well this year, fell 2.7 percent, making them one of the weakest stocks in the Dow.
We are now eagerly awaiting how the other banks have done. This Thursday, among others, Morgan Stanley, Citigroup and Bank of America will follow with their annual reports.
Qualcomm had announced a new share buyback program for ten billion dollars the evening before, whereupon the papers of the semiconductor manufacturer, which is geared towards the mobile communications sector, now rose by around two percent.
Apple’s shares fell by more than one percent. According to informed sources, the IT company could cut its annual production target for the iPhone 13 by up to ten million units because of the supply shortages in semiconductors. / La / he
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